Solana announces DeFi hackathon offering $200k in seed funding

Solana has announced an upcoming DeFi hackathon that will offer $ 200,000 in seed funding from the Solana Foundation.

The hackathon, which is scheduled to run from February 15 to March 1, is being run in collaboration with Sam Bankman-Fried from FTX’s Project Serum.

In addition to Solana CEO Anatoly Takovenko, Bankman-Fried will also offer mentoring to hackathon participants. Bankman-Fried stated:

“Much of the success of an ecosystem depends on how much the community builds on it. I’ve been very pleased with the growth of Solana, which has built the fastest, most scalable on-chain ecosystem in the world to date. I am pleased that some projects are coming to the market! “

Participants will also compete for a prize pool of $ 200,000. Judges at the event include Jeremy Allaire, CEO of Crypto-Notables Circle, Stani Kulechov, CEO of Aave, CeltShares CSO Meltem Demirors, and Bobby Ong, Co-Founder of CoinGecko.

The announcement encourages developers to explore Solana’s bi-directional Ethereum bridge “Wormhole” in addition to Solana’s new Chainlink Oracle integration.

Speaking to Cointelegraph, Takovenko noted his excitement to see which returning participants who participated in the Solana Q4 2020 hackathon will be built in the upcoming event. Takovenko stressed that Solana gives developers advantages by supporting traditional compiler toolchains like Rust and “making it more accessible to people outside of crypto”.

Regarding the launch of DeFi, Solana founder stressed the need for the sector to “break out among general consumers”:

“It could be as simple as: I get a wrapped BTC savings account, but in the background it earns a DeFi return. And the end user, a general consumer, doesn’t really have to do with smart contracts or the complexities of [DeFi], but they actually get access to the entire pipeline. “

Takovenko predicts that such a “BTC savings account” could exist in the near future and explains: “For this one use case, the entire stack would have to work […] I don’t know if this will happen in 2021, but it feels like everything is ripe for it. ”

“The tools are much better, the key management is much better, you can send applications on iOS and Android with secure keys […] I’m curious to see who actually manages and scales [DeFi] to a million or ten million users. “

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